In a rapidly changing global landscape, economic growth and financial prosperity alone can no longer serve as the sole indicators of a nation's well-being. The concept of social accounting has emerged as a vital framework that endeavors to capture the broader impact of economic activities on social, environmental, and human dimensions. Unlike traditional accounting which primarily focuses on monetary transactions, social accounting encompasses a comprehensive assessment of a society's overall progress, ensuring a more holistic understanding of its development. This essay delves into the essence of social accounting, its significance, methodologies, challenges, and the potential it holds for shaping a more sustainable and equitable future.
Accounting
Contents have been designed to provide academic assistance to students of Ordinary Level & Advanced Level Accounting of Edexcel and CIE.
Merginal & Absorption Costing
Marginal costing is a costing technique used in managerial accounting to analyze the impact of producing an additional unit of a product or providing an extra service. It focuses on understanding how variable costs change as production levels or service volumes increase or decrease. In marginal costing, only variable costs – costs that vary with production or activity levels – are considered when determining the cost of producing each additional unit. Fixed costs, which remain constant regardless of production levels, are not factored into the calculation. Marginal costing provides insights into decisions related to special pricing, make or buy decisions, and managing scarce resources by isolating the direct impact of production changes on costs and revenues.
History of Accounting
The history of accounting stretches back thousands of years and has evolved through various stages to become the complex and essential discipline it is today. Here is a brief overview of the key milestones in the history of accounting: